I agree with those who say the reaction is being over-hyped in many ways. I can't speak for schools and childminders (although my relative who is a reception teacher isn't at all bothered or stressed by the requirements), but I work in a playgroup and no-one thinks it's a huge deal at all.
There really will be little change, and young children are not being forced or even expected to meet targets.
All those sorts of assessments are already being done, in a very informal way, without affecting the experience of the children in any way. All the staff keep records and observations on the children to whom they are key worker, but it doesn't mean 'constant' observation, or that staff aren't playing and interacting with children.
When I look back just at last week for example, I can think of several occasions when the children were mostly playing well and very happily occupied, so one member of staff would just take the chance to sit for 10 minutes or so and observe one or more of 'her' children. A bit of A4 paper is good enough to scribble the relevant notes - 'x used 'under' and 'over' in the right context', or 'y recognised some letters were the same as in her name' or 'n needed help to cut with scissors'.
It's the work of a few minutes, and in our playgroup staff will often scribble such notes for whatever children they happen to be playing/working with, and then pass on the notes to the relevant keyworker. It's just second nature to grab some paper and write down anything that helps us understand a particular child and make the playgroup activities more helpful (and fun!) for them.
Nothing threatening or alarming or interfering with play-based learning. I don't think it's perfect but neither do I think it's the huge deal a lot of people are making it out to be. I am ready to admit I'm wrong if it does turn out to be a disaster, so perhaps we should reconvene in a year's time and see if our pre-school children have been turned into stressed, over-tested victims who aren't allowed to play!